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BRIEF: Parent of Savings Institute Announces Earnings
Feb 22, 2013 (The Hartford Courant - McClatchy-Tribune Information Services via COMTEX) --
The parent of Savings Institute Bank and Trust Co. reported a modest dip in earnings in the quarter ended Dec. 31, as income from fees and lending slipped.
SI Financial Group, Inc. Thursday reported net income of $745,000, or 8 cents a diluted share, compared with $761,000, or 8 cents a diluted share, for the same quarter a year earlier.
Fee income fell 17 percent in the quarter, as SI Financial sold a unit that provides trust services to community banks. Net interest income -- basically the difference between interest earned on the loans and paid on deposits -- slipped about 2 percent, as rates on loans and investments declined.
For all of 2012, net income was $1.1 million, or 11 cents a diluted share, compared with $2.4 million, or 24 cents a diluted share, the previous year.
-- Kenneth R. Gosselin
___ (c)2013 The Hartford Courant (Hartford, Conn.) Visit The Hartford Courant
(Hartford, Conn.) at www.courant.com Distributed by MCT Information Services
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